Buying a home is one of the most significant financial decisions you’ll ever make, and with so much information floating around (some of it misleading), it’s easy to fall victim to myths that could derail your plans. Whether you're a first-time buyer or thinking about moving up the property ladder, it's crucial to separate fact from fiction.
Here are five common misconceptions about home buying in the UK — and the truth behind them.
1. You need a 20% deposit
The myth: You must save at least 20% of the property's value to get on the ladder.
The truth: While a bigger deposit often secures better mortgage rates, it's not always necessary. In fact, 5% and 10% deposit mortgages are widely available, particularly for first-time buyers. The government’s First Homes scheme and Lifetime ISAs can also help boost your deposit.
Tip: A 10% deposit (£25,000 on a £250,000 home) is typical, but consult a mortgage broker to find the best deals for your budget.
2. You must have a perfect credit score
The myth: Any credit blemish means you’ll be refused a mortgage.
The truth: Lenders consider your entire financial profile — not just your credit score. A small blip doesn’t necessarily mean rejection. Some lenders specialise in mortgages for people with less-than-perfect credit histories, especially if you've shown recent financial stability.
Tip: Get a copy of your credit report (from Experian, Equifax, or TransUnion) and address any issues before applying.
3. The asking price is what you will pay
The myth: If a house is listed at £300,000, you must offer that or more to secure it.
The truth: The asking price is just a starting point; a seller’s hope, not a guarantee. In slower markets or for homes that have been listed for a while, you may be able to negotiate. On the other hand, in hot markets, bidding wars can push prices above asking.
Tip: Use tools like Rightmove or Zoopla to see sold prices in the area to inform your offer.
4. Once your offer is accepted, it’s a done deal
The myth: You’ve made an offer, it’s been accepted — time to celebrate!
The truth: Unfortunately, until contracts are exchanged, the deal isn't legally binding. The seller can still accept a higher offer (known as gazumping), and you can still walk away too.
Tip: Instruct your solicitor and mortgage lender promptly and aim to keep the process moving to avoid delays or surprises.
5. You don’t need a survey if the property looks fine
The myth: If a house “looks good” on the viewing, a survey is just a waste of money.
The truth: A property can hide serious issues, from structural damage to damp or subsidence. A homebuyer’s report or full structural survey can uncover costly problems that may influence your final decision or help you renegotiate the price.
Tip: Surveys cost money upfront but can save you a significant amount of money (and a lot of stress) in the long run.
